Cryptocurrency_Capital

Bitcoin Morning Update 5/28/2018

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Good Morning,

Bitcoin recently spent some time in a descending triangle on a 5th impulse wave down and broke under as seen above. Yesterday, we retested the lower bound and broke under, as expected. We were at the top of the hourly BBands, and historically in downtrends a 100 level Stoch RSI has been fairly consistent in telling us that more down movement is ahead. The VPVR shows that our previous grim predictions are still likely to come true, with buy volume seemingly vanishing. Looking at the 6 hour (https://www.tradingview.com/x/7Zu8PBgG/) , we see that the 5th impulse wave, if this breakdown is as serious as it looks, will be over-extended, likely to add the length of the initial wave before the descending triangle , giving us a target of another $800 down, supporting the idea that we will land somewhere around the support zone of $6450, level 0 of our macro fib level. A contrarian look to the negativity lies on the daily (https://www.tradingview.com/x/lRuKJ7Fo/) , where we seem to be on the C wave of a macro-correction, so despite bearish signs we still have to wait and see what happens once we interact with the $6k range. All the best with your trading!

Written by:
Philip Raytburg
Research Analyst

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